The Israeli economy is well on the way to recovery despite the serious negative impact of the international economic crisis on the economy, said Finance Minister Yuval Steinitz during an address at the International Monetary Fund and World Bank's annual conference in Istanbul on Tuesday. He confirmed "Israel's support of the recent G20 initiative to increase the resources available to the IMF to support emerging markets and developing countries."

Steinitz said that Israel was ready to "play its part in contributing to the IMF's resources” and is prepared to provide the IMF with a loan of up to $800 million, paid from Israel's foreign exchange reserves. The Iranian delegation left the hall when Steinitz started speaking.